US equity markets rose overnight, led by the major banks after passing the Federal Reserve’s annual stress test - Dow rose +269.76-points or +0.80%.

US equity markets were little changed, after Federal Reserve Chairman Jerome Powell said he won’t rule out back-to-back rate increases, in a meeting with other global central bankers - Dow shed -72-points or -0.2%. The broader S&P500 edged -0.04% lower. Energy (+1.02%) and Communications Services (0.80%) leading four of eleven sectors in the green. Apple shares added +0.6% to record highs, edging its way to a US$3 trillion valuation, whilst Google parent Alphabet rose +1.74%. The Nasdaq gained +0.03%, on track for its best start to a year in 40 years. Shares of NVIDIA ended -1.81% down after reports of a potential new export restrictions on sales to China. Tesla shares jumped +2.4%, ahead of the company’s second-quarter deliveries expected this week. Netflix gained +3.06% after broker upgrades. The small capitalisation Russell 2000 was up +0.47%.

US equity markets rose on Tuesday, as technology shares climbed, and housing data pointed to continued resilience in the US economy. Dow up +211 points or +0.6%. Walgreens shed -9.3% after slashing its full-year profit guidance and reporting weaker-than-expected earnings. The broader S&P500 edged +1.1%, posting its best daily percentage gain since June 15. Information technology (+2%) and Consumer Discretionary (+2%) led 10 of the 11 sectors higher. Delta Air Lines surged +6.8% after they boosted its financial guidance, signalling a continued post-pandemic travel boom. This lifted competitors United Airlines (+5.08%) and American Airlines (+5.54%). The technology centric Nasdaq rose +1.7%, NVIDIA (+3.06%), Meta (+3.08%) and Microsoft (+1.82%) contributing to the index gains. Friday marks the end of the second quarter and first half of 2023. The Nasdaq has gained 10.9% since April and 29.5% this year. It’s on pace for its best first half in 40 years. The S&P and Dow are on track to finish the quarter up +6.6% and +2% respectively. The small capitalisation Russell 2000 rose +1.46%.

US equity markets closed lower overnight, as investors enter the final trading week of the first half of the year. The Dow dipped -12.72 points or -0.04%. The broader S&P500 lost -0.45%. Gains in Energy (+1.71%) and Real Estate (+2.21) were outweighed by declines in Communication Services (-1.88%) and Technology (-1.25%). Cruise operator Carnival led the way lower, dropping -7.7% after reporting a second-quarter loss and higher costs. The sell-off spilled over into shares of Norwegian Cruise Line, which fell -4.5%. The daily losses notwithstanding, both stocks (Carnival & Norwegian) have performed solidly in June. The Nasdaq shed -1.2% after a pullback in technology giants Nvidia (-3.74%), Alphabet (-3.93%), Meta (3.55%), while Tesla (-6.06%) fell as Goldman Sachs downgraded the electric car maker, citing pricing headwinds.

US equity markets slid on Friday to end the week on the red. Dow fell -219.28 points or -0.65% . The broader S&P500 slid -0.77%. The Nasdaq closed down -1.01%. The small capitalisation Russell 2000 ended -1.44% lower. The pullback was broad-based with all 11 sectors of the S&P500 closing in the red. Chip stocks underperformed after surging this year on investor enthusiasm over artificial intelligence. Nvidia, the best-performing stock in the S&P 500 this year, fell -1.9% on Friday, while Advanced Micro Devices fell -0.6%. Goldman Sachs shares declined -1.5% after CNBC reported the investment bank likely faces a large write down for its 2021 acquisition of fintech firm GreenSky. In contrast, CarMax shares jumped +10% after the used car retailer exceeded first quarter expectations. Other notable declines were US-based resource companies, Anglo-American down -3.56%, Glencore down -2.99%, Freeport McMoran -3.4%.

US equity markets finished mostly higher on Thursday, with both the Nasdaq and S&P 500 bringing a three-day losing streak to an end as investors digested fresh commentary from Federal Reserve Chairman Jerome Powell and a raft of interest-rate hikes from global central banks - Dow fell -4-points or -0.01% with Boeing Company leading the losses down -3.05% after Spirit AeroSystems (-9.43%) said that its unionized workers have voted for a strike, which is causing Spirit to suspend factory operations. Boeing Company has now fallen -6.5% for the week.

US equity markets closed lower on Wednesday, for a third session in a row, retreating after recently touching their highest levels in more than a year - Dow fell -102-points or -0.30% to 33,951 with Intel suffering a further 6% fall after the company gave investors an update on the company’s turnaround plan to become a chip manufacturing company competing with Taiwan Semiconductor Manufacturing Company.

US equity markets closed lower on Tuesday, after the S&P 500 on Friday booked a fifth straight week of gains with some stocks touching their highest level in more than a year - Dow fell -245-points or -0.72%. Intel, Nike and Boeing, each down by more than 3%. The broader S&P500 shed 18 points or +0.47%, as investors await testimony from Federal Reserve chair Jerome Powell to Congress this week. Energy (-2.29%) and Materials (-1.26%) were the biggest laggards that saw ten of the eleven primary sectors close lower overnight. Consumer discretionary rose. PayPal Holdings (PYPL) shares gained 3.7% after the digital payment platform announced a deal in which KKR - managed funds and accounts will purchase up to €40 billion of buy now, pay later loan receivables originated in Europe. The technology-centric Nasdaq fell +0.18%. Intel (INTC) declined -3.8%. The Israeli government said the chip maker was investing $25 billion to manufacture semiconductors in the country, just days after Intel announced a new facility in Poland. Electric vehicle maker Rivian Automotive (RIVN) climbed 5.5% after the company announced it would adopt Tesla’s (TSLA) charging plug and technology. Tesla shares also finished 5.3% higher after the announcement. US depositary Alibaba (BABA) fell 4.5% after the Chinese e-commerce giant said Daniel Zhang will be stepping down as chairman and chief executive. He will remain as leader of the company’s cloud intelligence group, which the company announced last month would be spun off. The small capitalisation Russell 2000 lost -0.34%.

European bourses started the week in the red amid caution following the previous weeks big gains and regarding China’s growth prospects. The pan-European Stoxx 600 index (which includes UK equities) fell -1.02% to 462.04 with basic resources leading the losses (-2.2%), while Germany’s DAX fell by 0.96% at 16,201.20. France's CAC meanwhile slipped +1.01%.

US equity markets retreated ahead of the holiday long weekend, taking a breather following a six-session winning streak that had lifted the S&P500 and Nasdaq to 14-month highs - Dow fell -109-points or -0.32%, The broader S&P500 -0.37%, with Communication Services (down -1.00%) and Information Technology (-0.83%) leading eight of the eleven primary sectors lower. Utilities outperformed on Friday (16 June) with a +0.53% gain. The Nasdaq -0.68%. Apple Inc (down -0.59%) and Microsoft Corp (-1.66%) retreated from record highs. The small capitalisation Russell 2000 lost -0.73%.

US equity markets rallied, with both the S&P500 and Nasdaq climbing to fresh 14-month highs as economic data showed signs of the labour market softening and consumer spending moderating, potentially lessening the need for further interest rate rises from the Federal Reserve - Dow gained +429-points or +1.26% to 34,408.06 and a fresh 2023 high. The broader S&P500 +1.22% to 4,425.84, recording a sixth consecutive session of gains and lifting the index above the >4,400 level a week after the large capitalisation benchmark exited its the longest bear market since 1948. It also marked the longest stretch of straight gains since November 8, 2021, according to Dow Jones Market Data. Health Care (up +1.55%), Communication Services (+1.54%) and Industrials (+1.51%) all gained over >1.5% to lad all eleven primary sectors higher. The Nasdaq climbed +1.15% to 13,782.82, marking the highest settlement for the technology centric index since 7 April, 2022. Microsoft Corp gained +3.19% to US$348.10, extending gains into a sixth consecutive session and booking a record closing high as investors seemingly focused more on the tech giant’s artificial-intelligence (AI) roadmap instead of the stalled US$69B acquisition of videogame publisher Activision Blizzard Inc (+0.27%). The small capitalisation Russell 2000 rose +0.81%. The US-listed shares of Alibaba Group Holding Ltd gained +3.18% after announcing that it will expand one of its key China e-commerce sites, Tmall, into Europe. The announcement comes just over two months after Alibaba, China’s biggest e-commerce firm, announced plans to split its business into six units, a move designed to give each unit more autonomy and faster decision-making powers.

US equity markets mixed after a volatile trading session that saw both the S&P500 and Nasdaq log their highest intra-session peaks since April 2022 - Dow fell -233-points or -0.68%, UnitedHealth Group Inc shed -6.40% after executives addressed a Goldman Sachs investor conference and said that seniors had begun to catch up on pandemic-delayed surgeries for hips and knees, meaning rising costs for health insurers. The broader S&P500 inched +0.08% higher, logging its fifth consecutive advance and longest winning streak since November 2021. Information Technology (up +1.14%) led a narrow advance that saw four of the eleven primary sectors close higher overnight. Health Care and Energy both declined -1.12%. Tesla Inc eased -0.74%, snapping a record 13 session winning streak that had lifted the electric vehicle manufacturer’s share price. However, Delta Air Lines Inc (up +1.52%) extended its rally into a 14th straight session. The technology-centric Nasdaq added +0.39%. Nvidia Corp rallied +4.81% a day after the chipmaker officially became just the seventh public US company to close with a market capitalisation above >US$1 trillion. Oracle Corp gained +4.79% to US$122.24, logging a fresh record closing high for a fifth straight day and eighth time this month. The enterprise software company posted a better-than-expected fiscal fourth quarter result earlier this week. The small capitalisation Russell 2000 lost -1.17%.

US equity markets advanced to fresh 14-month highs after the pace of inflation eased to its lowest level in more than two years, bolstering investors’ view that the Federal Reserve will not raise interest rates when their latest two day monetary policy meeting concludes tomorrow morning AEST - Dow rose +146-points or +0.43%, Home Depot Inc (down -0.26%) hosted an Investor Conference overnight The broader S&P500 gained +0.69%, with Materials (up +2.33%) leading ten of the eleven primary sectors higher. Utilities (down -0.06%) was the only primary sector to settle in the red overnight. Tesla Inc extended its rally into a record thirteenth consecutive session, rallying +3.55% to US$258.71 and its highest close since 30 September. The electric vehicle manufacturer’s was also the most actively traded stock in both the S&P500 and Nasdaq 100 overnight. The Nasdaq rallied +0.83%. Nvidia Corp gained +3.90% to US$410.22, officially becoming just the seventh public US company to close with a market capitalisation above >US$1 trillion after previously flirting with that milestone on an intra-day basis. The chipmaker is up ~181% year-to-date. Only Apple Inc (down -0.26%), Amazon.com Inc (up +0.07%), Google parent Alphabet Inc (+0.15%), Tesla, Meta Platforms Inc (+0.10%) and Microsoft Corp (+0.74%) previously crossed the US$1 trillion threshold at the close of a trading day, according to Dow Jones Market Data. Tesla and Meta have since dropped out of the US$1 trillion club. Advanced Micro Devices shed -3.61% after officially unveiling several products at its Data Centre & AI Technology Premiere event in San Francisco overnight meant to take on Nvidia Corp and Intel Corp (up +2.54%) The small capitalisation Russell 2000 climbed +1.23%.

US equity markets built on the modest gains of last Friday’s (9 June) quiet session as investors turn their attention to this week’s May US inflation data and some key central bank monetary policy decisions (including from the Federal Reserve, European Central Bank and Bank of Japan) - Dow gained +189-points or +0.56%, extending gains into a fifth consecutive session. It marks the longest stretch of gains for the 30-stock index since the six-day trading period that ended 27 January. The broader S&P500 rose +0.93% to 4,338.93, the highest close since 21 April, 2022. Information Technology sat atop the primary sector leaderboard for a second consecutive session with a +2.07% gain, leading eight of the eleven primary sectors higher. Energy (down -0.97%) was the worst performing primary sector. Tesla Inc rallied +2.22% to US$244.40, extending gains into a record 12th consecutive session and recording its highest close since 30 September, 2022. The Nasdaq rallied +1.53% 13,461.92, the technology centric index’s highest close since 19 April, 2022. Apple Inc gained +1.56% to US$183.79, extending its rally into a third straight session and logging a fresh record closing high a week after the company’s Worldwide Developer Conference. Apple is up +41.45% year-to-date. Netflix Inc gained +0.94% after data analytics company Antenna late last week reported that the streaming company’s password-sharing crackdown already appears to be working in the US. Netflix saw a huge spike in subscribers (up +73K, or a +102% over the previous 60-day average) in the four days after it notified users about its paid sharing policies on 23 May, and also added +100K subscribers on both 26 May and 27 May. That’s more subscribers than Netflix raked in once the COVID-related lockdowns went into effect in March and April 2020, according to Antenna. The small capitalisation Russell 2000 added +0.40%.

US equity markets settled mostly lower after the Bank of Canada joined the Reserve Bank of Australia (RBA) a day earlier in raising interest rates - Dow rose +92-points or +0.27%, The broader S&P500 eased -0.38% a day after logging its highest close since 16 August, 2022. Communication Services (down -1.87%) and Information Technology (-1.62%) led five of the eleven primary sectors lower. The Energy sector sat atop the primary sector leaderboard overnight with a +2.65% rally. Tesla Inc rose +1.47% after the electric vehicle maker posted an update on its website that showed new Model 3 and Model Y cars are eligible for a US$7,500 tax credit from the Inflation Reduction Act. The Nasdaq shed -1.29% a day after the technology-centric index recorded its highest close since 20 April, 2022. The small capitalisation Russell 2000 advanced +1.78%, extending a recent rally that that lifted it to the highest close since 9 March. The index is outperforming the Nasdaq Composite by 5.04% so far this month, its largest outperformance in the first five trading days of a month since October 2020, according to Dow Jones Market Data.

US equity markets advanced despite a dearth of fresh catalysts, with small capitalisation stocks outperforming - Dow eked out a +10-point or +0.03% rise, with losses for Merck & Co Inc (down -2.74%) and UnitedHealth Group Inc (-2.13%) capping gains. Boeing Co lost -0.71% after the aerospace and defence company said it found new problems with its 787 Dreamliner jets. The defect, which is not a flight safety concern, is connected with a stabilizer fitting, and will lead the company to inspect every plane in inventory before delivery, the company said, adding that “at this time we do not expect that this issue will change our full-year guidance regarding 787 deliveries.” The broader S&P500 added +0.24% to 4,283.85, marking its highest close since 16 August, 2022 but falling just short of entering a technical bull market. A close above 4,292.48 for the S&P500 would mark a 20% rally off the bear-market closing low of 3,577.03 set on 12 October, 2022, meeting the widely accepted definition of the end of a bear market. Financials (up +1.25%) and Consumer Discretionary (+0.99%) led seven of the eleven primary sectors higher overnight. Regional bank stocks traded strongly as did bellwethers like Goldman Sachs Group Inc (up +1.55%) and Morgan Stanley (+2.53). More defensive Health Care (down -0.88%) and Consumer Staples (-0.47%) underperformed. The Nasdaq rose +0.35% to 13,276.42, the highest settlement for the technology-centric index since 20 April, 2022. Apple Inc slipped -0.% a day after the company debuted its highly anticipated virtual reality headset as well as new software at its annual Worldwide Developer Conference. The small capitalisation Russell 2000 rallied +2.69% to 1,855.40, logging its highest close since 9 March. The Russell 2000 has gained +5.4% so far in 2023, compared with an +11.6% gain for the large-capitalisation benchmark S&P 500 and a +26.8% jump for the Nasdaq. Coinbase Global Inc dropped -12.09% after the Securities and Exchange Commission (SEC) sued the cryptocurrency exchange, alleging it has been operating an unregistered securities exchange.

US equity markets eased, trimming earlier session gains - Dow fell -200-points or -0.59%, The broader S&P500 slipped -0.20% to 4,273.79, reversing earlier gains that briefly lifted the index into technical bull market territory. The index touched an intra-session high of 4,299.28, which is 20.19% above the near two-year closing low of 3,577.03 set on 12 October last year. Declines for the Industrials (down -0.71%) and Financials (-0.65%) sectors offset gains for the Communication Services (up +0.58%) and Utilities (+0.45%) sectors. The Nasdaq dipped -0.09%. Apple Inc settled –0.76% lower at US$179.58 after briefly touching a fresh record intra-day high (US$184.95). The iPhone maker unveiled its highly anticipated virtual reality headset (Vision Pro) and a slew of software updates at its annual Worldwide Developers Conference overnight. Intel Corp shed -4.63% as Apple said an upcoming Mac Pro computer will include a new homemade chip (M2 Ultra), representing the completion of the company’s effort to bring its own processors to its entire PC line-up. The small capitalisation Russell 2000 lost -1.32%, handing back some of last Friday’s (2 June) +3.56% rally.

US equity markets rallied, starting Friday’s (2 June)on the front-foot after the US Senate on Thursday (1 June) approved a deal between the White House and congressional Republicans to lift the debt ceiling for two years in exchange for cuts to government spending, and then further buoyed by a robust May jobs report - Dow jumped +701-points or +2.12%, logging its biggest daily points gain since the end of November last year and largest percentage rise since 6 January. The broader S&P500 rallied +1.45% to 4,282.37, and on the cusp of exiting its longest bear market run since 1948. It marked the highest close for the S&P500 since 18 August, 2022 after the index touched its highest intra-day level (4,290.67) since April 2022. Palo Alto Networks Inc gained +5.38% in extended trading (after adding +0.21% in the regular session) after it was confirmed that the cybersecurity platform company would replace Dish network Inc (+16.24%) in the S&P500 as part of the quarterly rebalancing of the index when it takes effect on 20 June. The Nasdaq gained +1.07%. Apple Inc added +0.48% to US$180.95, recording its second highest close on record ahead of its Worldwide Developer Conference tonight AEST at which it’s expected to unveil new product and operating system releases. The small capitalisation Russell 2000 jumped +3.56%, logging its best daily performance since November 10, 2022 and rising above its 200-day moving average for the first time since 8 March, just before Silicon Valley Bank collapsed. The Russell has gained +3.96% year-to-date, well behind the S&P 500′s advance of +11.53%.

US equity markets opened the new month on the front foot as concerns around a US debt default faded, with the S&P500 and Nasdaq logging their highest closes since August 2022 - Dow rose +153-points or +0.47%, The broader S&P500 rose +0.99% to 4,221.02, with Information Technology (up +1.33%) resuming its place at the top of the primary sector leaderboard and leading nine of the eleven primary sectors higher. Utilities (down -0.78%) and Consumer Staples (-0.09%) were the only two primary sectors to settle in the red. The Nasdaq rallied +1.28% to 13,100.98. The small capitalisation Russell 2000 climbed +1.05%.

US equity markets retreated but settled off their worst levels of the session ahead of a House vote on the federal debt-ceiling deal this morning AEST to prevent a potential default - Dow fell -135-points or -0.41%, The broader S&P500 lost -0.61%, with Energy (down -1.88%), Industrials (-1.40%), Financials (-1.22%), Materials (-1.12%) and Information Technology (-1.09%) all falling over >1% to lead seven of the eleven primary sectors lower. More defensive sectors outperformed, including Utilities (up +0.96%), Health Care (+0.85%) and Real Estate (+0.66%) all advancing over >0.50%. The Nasdaq -0.63%. The small capitalisation Russell 2000 lost -1.00%.

US equity markets were mixed after resuming trading following the Memorial Day long weekend fell on Tuesday as Wall Street considered the likelihood of Congress passing a tentative deal on raising the U.S. debt ceiling - Dow fell -51-points or -0.15%, The broader S&P500 unchanged, with gains for the Consumer Discretionary (up +0.76%) and Information Technology (+0.63%) sectors offsetting declines for the Consumer Staples (down -1.08%) and Energy (-0.94%) sectors. Tesla Inc rallied +4.14% as excitement built around Chief Executive Elon Musk’s first visit to China in about three years. Mr Musk is expected to spend time meeting key officials in Beijing, which may even include Premier Li Qiang. The Nasdaq added +0.32% to 13,017.43, paring an earlier rally of as much as +1.4% but still marking the technology-centric index’s highest close since August, 2022. The small capitalisation Russell 2000 lost -0.32%.

European bourses settled with modest losses, with the Technology sector (down -0.7%) handing back some of last Friday’s (26 May) +3% gain and leaving the pan-European Stoxx 600 index (which includes UK equities) -0.12% lower. The Oil and Gas sector added +0.2%. Germany's DAX slipped -0.20%. France's CAC eased -0.21%. In broader stock moves, Swedish property group SBB SE rose +2.62% after announcing it was exploring strategic options including a sale of the company or of specific assets and segments. Shares of the company have sunk ~80% over the last year as it struggles with the higher interest rate environment. Elsewhere, President Tayyip Erdogan secured victory in a presidential election in Turkey on Sunday (28 May), extending his increasingly authoritarian rule into a third decade. In economic data, a final reading of eurozone Consumer Confidence for May, and Consumer Inflation Expectations for May are released tonight AEST.ASXCACDOWNASDAQeconomyfinancetradinginvestingstocksmarketsoilgasgold

US equity markets rallied ahead of the Memorial Day long weekend - Dow rose +329-points or +1.00% to snap a five-session losing streak, with Intel Corp (up +5.84%) and American Express (+4.08%) notable performers. The broader S&P500 gained +1.30% to its highest level since mid-August, with the Information Technology (up +2.68%) and Consumer Discretionary (+2.38%) popping over >2% to lead eight of the eleven primary sectors higher. Energy (down -0.37%) was the worst performing primary sector on Friday (26 May). Broadcom jumped +11.52% to a record closing high of US$812.73 - touching a record intra-day high of US$814.98 – to be the leading S&P500 performer on Friday (26 May) ahead of the chipmaker’s second quarter result later this week. Ford Motor Co rallied +6.24% after Chief Executive Jim Farley and Tesla Inc (+4.72%) Chief Executive Elon Musk held a Twitter Spaces livestream to reveal an agreement which would allow Ford owners to access Tesla Superchargers in the U.S. and Canada starting early next year, in addition to Ford’s own charging network. Ford electric vehicles (EVs) would use an adapter at first, but in a couple of years the EVs would have built-in connectors and no adapters would be needed. The Nasdaq rallied +2.19%. Marvell Technology Inc surged +32.4% after the chip company posted a solid quarterly result after the close last Thursday (25 May) and said it expected revenue from artificial intelligence (AI) to at least double this fiscal year. The Philadelphia Semiconductor index has added ~40% since the start of the year, driven by the booming AI industry. The small capitalisation Russell 2000 gained +1.05%.

US equity markets advanced, led by fresh solid gains for the technology sector - Dow slipped -35-points or -0.11%, extending declines into a fifth consecutive session. The broader S&P500 rose +0.88%, with Information Technology (up +4.45%) comfortably the leading primary sector performer and leading five of the eleven primary sectors higher. The Nasdaq jumped +1.71%, posting its best daily percentage gain since 5 May as the artificial intelligence (AI) thematic continued to power gains. Advanced Micro Devices Inc rallied +11.16% and Palo Alto Networks Inc +1.80%. The small capitalisation Russell 2000 lost -0.70%.

US equity markets retreated as concern about the impasse in the debt-ceiling talks continued to grow - Dow fell -256-points or -0.77%. The broader S&P500 lost -0.73%, with Real Estate (down -2.21%) leading ten of the eleven primary sectors lower. Financials (down -1.31%), Financials (-1.31%) and Industrials (-1.27%) all fell over >1%. Energy (up +1.04%) was the sole primary sector to advance for a second straight session. The Nasdaq eased -0.61%. The small capitalisation Russell 2000 lost -1.16%.

US equity markets retreated after a volatile session as the drawn out debt ceiling negotiations continued to weigh on sentiment, with losses accelerating in afternoon trading - Dow fell -231-points or -0.69%, The broader S&P500 -1.12%, with Materials (down -1.54%) and Information Technology (-1.50%) falling ~1.5% to lead ten of the eleven primary sectors lower. Energy (up +1.04%) was the sole primary sector to advance overnight. The Nasdaq -1.26%. Apple Inc lost -1.52% after announcing a multibillion-dollar chip production deal with Broadcom Inc (up +1.20%). Apple said the partnership, which centres on 5G radio frequency components and builds on its existing relationship with Broadcom, was part of its 2021 commitment to spend US$430B with US suppliers and manufacturers over five years. The small capitalisation Russell 2000 lost -0.43%. The American Depository Receipts (ADRs) of Alibaba Group Holdings Ltd fell -3.74% after a strong session a day earlier, with reports that the company’s cloud and artificial intelligence (AI) arm has begun cutting 7% of staff (source: Barron’s). The move is a bid to optimise business operations on strategic areas - like AI - in the midst of a historic restructuring, and not representative of a wider downsizing, a person familiar with the matter and cited in the report said. Alibaba announced earlier this year the biggest restructuring in its history, a bid to unlock value by splitting into six units and to foster market competitiveness, a nod to regulators who have hammered the Chinese tech sector since late 2020.

US equity markets mixed in what was a muted session as investors continued to eye developments around the debt ceiling negotiations, although the Nasdaq scaled a nine month high - Dow fell -140-points or -0.42%. JPMorgan Chase & Co (down -0.83%) hosted an investor day and said it is planning an “unmatched” spending spree on new initiatives this year of more than $15B, which would include hiring, marketing and investment in technology. JPMorgan also lifted its outlook for how much it expects to earn this year from its lending business following the recent purchase of First Republic. The investment bank raised its 2023 target for net interest income, excluding its trading division, to ~US$84B from $81B previously. The broader S&P500 eked out a +0.02% gain, recording its second highest settlement (4,192.63) this year. Communication Services rose +1.17% to lead seven of the eleven primary sectors higher. Consumer Staples sat at the foot of the primary sector leaderboard with a -1.47% decline. Chevron Corp fell -1.80% after announcing an agreement to buy Colorado-based oil and gas producer PDC Energy Inc (up +7.22%) in an all-stock deal valued at US$6.3B. Exxon Mobil Corp lost -1.21%, with The Wall Street Journal reporting that the company spent ~US$100M buying land from an exploration company called Galvanic Energy, a firm created for development of lithium from the brine-rich Smackover Formation of Southern Arkansas. The technology-centric Nasdaq gained +0.50% to 12,720.78, logging its highest close since 18 August last year. Meta Platforms Inc settled+1.09% higher, shaking off pre-market weakness seen after the social-media giant was fined €1.2B by Ireland’s Data Protection Commission over allegations it violated European Commission rules on data protection. Micron Technology Inc fell -2.85% following a weekend report that China’s government told users of computer equipment deemed sensitive to stop buying products from the biggest U.S. memory chipmaker. The small capitalisation Russell 2000 rallied +1.22%.

US equity markets retreated as policymakers paused negotiations over the debt ceiling deal and nerves over the health of the US regional banking sector resurfaced - Dow fell -109-points or -0.33%, The broader S&P500 slipped -0.14%, with Consumer Discretionary (down -0.84%) leading seven of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard on Friday (19 May) with a +0.73% gain. The Nasdaq eased -0.24%. The small capitalisation Russell 2000 lost -0.62%.

US equity markets rallied, with the S&P500 and Nasdaq logging their highest closes since August last year amid reports of further progress in resolving the debt-ceiling debate in Congress - Dow rose +115-points or +0.34%, The broader S&P500 gained +0.94%, with Information Technology (up +2.06%) leading seven of the eleven primary sectors higher. The Nasdaq rallied +1.51%. Apple Inc (+1.37%) and Google-parent Alphabet Inc (+1.68%) advanced to log their highest settlements since April last year. Nvidia Corp gained +4.97% to US$316.78, marking the chipmaker’s highest close since 8 December, 2021 and ~5% below its all-time closing high of US$333.76 set on 29 November, 2021. The latest rally – which sees the stock up ~116.76% year-to-date - came after the company announced a slew of high-performance gaming cards aimed at budget shoppers. The small capitalisation Russell 2000 added +0.58%.

US equity markets rallied as optimism emerged from Republican congressional leadership over averting a default on the debt ceiling - Dow rebounded +409-points or +1.24%, The broader S&P500 rose +1.19%, with Energy (up +2.07%), Consumer Discretionary (+2.04%) and Financials (+2.0%) all gaining 2%+ to lead nine of the eleven primary sectors higher. Utilities (down -0.36%) and Consumer Staples (-0.10%) were the only primary sectors to settle in the red. The Nasdaq rallied +1.27%. The small capitalisation Russell 2000 outperformed with a +2.21% gain after the lagging the other indices recently.

US equity markets retreated as investors focussed on debt ceiling talks between President Joe Biden and House Speaker Kevin McCarthy, which concluded shortly before market close - Dow fell -336-points or -1.01%, falling back into negative territory for the year-to-date for the first time since 4 May and closing below its 50-day average for the first time since 30 March. The broader S&P500 lost -0.64%, with Real Estate (down -2.61%), Energy (-2.54%) and Utilities (-2.30%) all dropping over >2% to lead nine of the eleven primary sectors lower. Communication Services (up +0.59%) and Information Technology (+0.16%) were the only primary sectors to advance. The technology-centric Nasdaq slipped -0.18%. The small capitalisation Russell 2000 shed -1.44%.

US equity markets edged higher in subdued trading as investors awaited news about debt ceiling negotiations and assessed fresh data pointing to a cooling economy - Dow added +48-points or +0.14%, snapping a five session losing streak. The broader S&P500 rose +0.30%, with Materials (up +0.85%) and Financials (+0.82%) both rose over >0.8% to lead six of the eleven primary sectors higher. Utilities sat at the foot of the primary sector leaderboard with a -1.24% decline. The Nasdaq advanced +0.66%, with chipmaker NVIDIA Corp rallying +2.16%. Apple Inc (down -0.29%) saw its market capitalisation (~US$2.7 trillion) surpass that of the entire small capitalisation Russell 2000 on 27 April and has retained this premium for two weeks. The Russell 2000 gained +1.19%.

US equity markets drifted lower on Friday (12 May), forfeiting earlier gains in late morning trade after consumer sentiment data from the University of Michigan recorded a notable increase in consumer inflation expectations - Dow dipped -9-points or -0.03%, The broader S&P500 reversed earlier gains to settle -0.16% lower, Consumer Discretionary (down -0.89%) leading four of the eleven primary sectors lower on Friday (12 May). The more defensive Utilities (up +0.44%) and Consumer Staples (+0.36%) sectors outperformed. The Nasdaq fell -0.35%, with Apple Inc down -0.54% and Meta Platforms Inc -0.84%. The small capitalisation Russell 2000 lost -0.22%. Small cap stocks have struggled since turmoil in U.S. regional banks erupted in early March, with the Russell 2000 down ~7% since 8 March.

US equity markets slipped amid fresh concerns around regional banks and weaker commodity prices - Dow fell -222-points or -0.66%, extending declines into a fourth straight session. The Walt Disney Company dropped -8.73% after the media giant released its fiscal second-quarter results after the close of the previous session and recorded a decline in subscribers to its streaming business, Disney+. The broader S&P500 slipped -0.17%, with Energy (down -1.24%), Utilities (-1.14%) and Real Estate (-1.02%) all falling over >1% to lead eight of the eleven primary sectors lower. Communication Services (up +1.65%) sat atop the primary sector leaderboard. The technology-centric Nasdaq edged +0.18% higher. Google-parent Alphabet Inc rallied +4.31% to its highest level since August on the heels of its I/O developer conference that saw the company unveil new gadgets and software, with a particular focus on artificial intelligence. The small capitalisation Russell 2000 lost -0.84%. Livent Corp.

US equity markets advanced and treasuries rallied as the latest headline inflation data printed slightly weaker-than-expected, with value stocks lagging growth names following a choppy session - Dow slipped -30-points or -0.09%, with American Express Co (down -3.06%) and Nike Inc (-1.27%) notable drags. The broader S&P500 +0.45%, with Communication Services (up +1.69%) and Information Technology (up +1.22%) leading seven of the eleven primary sectors higher. Energy and Financials sat at the foot of the primary sector leaderboard, down -1.15% and -0.67% respectively. The technology-centric Nasdaq +1.04%, logging its highest settlement since June. Alphabet Inc rose +4.10% as Google kicked off its I/O developer conference and unveiled new gadgets and software, with a particular focus on artificial intelligence. The small capitalisation Russell 2000 rose +0.56%.

US equity markets logged modest losses following a muted session as investors eye tonight’s AEST inflation figures - Dow eased -57-points or -0.17%. Boeing Co rose +2.34%, with confirmation that the company had struck a deal with Ryanair Plc that will see the Irish low-cost carrier buy up to 300 Boeing aircraft. The deal comes after discussions collapsed more than 18 months ago over a disagreement on price. The aircraft will be delivered between 2027 and 2033. The broader S&P500 fell -0.46%, with Materials (down -0.93%) and Information Technology (-0.86%) leading eight of the eleven primary sectors lower. The Nasdaq lost -0.63%. The small capitalisation Russell 2000 lost -0.27%.

US equity markets settled narrowly mixed as an early rally in regional banking stocks faded, and with investors eyeing pivotal inflation figures later in the week - Dow eased -56-points or -0.17%, The broader S&P500 inched +0.05% higher, with Communication Services (up +1.27%) leading four of the eleven primary sectors higher thanks to solid gains from Google parent Alphabet Inc (+1.91%) and Walt Disney Co (+2.44%). The Nasdaq eked out a +0.18% gain to 12,256.91, its highest close since 12 September and enough to lift the technology centric index out of official bear market territory once again (up +20.01% from its 28 December closing low of 10,213.29). The last such exit from a bear market for the Nasdaq was 10 August last year and proved short-lived, with the index peaking just a few trading days later on 15 August before slumping back into a bear market - dropping 20% from that high - by 11 October. The small capitalisation Russell 2000 lost -0.31%. Amcor Plc fell over >2% in extended trading (after adding +0.38% in the regular session) after announcing it had signed a deal to buy Moda Systems, a maker of automated protein packaging machines. The packaging major did not disclose the size of the deal.

US equity markets rallied on Friday (5 May) to snap a four session losing streak, with regional bank shares rebounding from steep losses, and as investors digested the latest monthly jobs figures - Dow rallied +547-points or +1.65%, The broader S&P500 +1.85%, with Energy (up +2.75%), Information Technology (+2.71%), Financials (+2.44%) and Consumer Discretionary (+2.5%) gaining 2%+ to lead all elven primary sectors higher. The Nasdaq +2.25%. Apple Inc jumped +4.69% after posting better-than-expected first quarter numbers after the close of the previous session. Advanced Micro Devices (AMD) Inc gained +3.73% capping a two rebound of +9.84% that saw the chipmaker recoup a fall of over >9% last Wednesday (3 May) after better-than-expected first quarter headline numbers were overshadowed by an underwhelming outlook. The rebound came following a report that AMD was partnering with Microsoft Corp (+1.72%) to develop an in-house chip to handle artificial intelligence (AI) workloads. Microsoft has relied mostly on AMD’s larger rival Nvidia Corp (+4.06%) for its data-centre needs. The small capitalisation Russell 2000 rose +2.39%. Atlassian Corp fell -9.54% after the collaboration- and productivity-software company said late last Thursday (4 May) it expected business to get worse as companies keep cutting jobs. The company forecast revenue of US$900M to US$920M for the fiscal fourth quarter versus analysts’ consensus estimates for US$919.4M, stating in its letter to shareholders that cloud revenue faced “increasing macroeconomic impacts on paid seat [a paid user of Atlassian software] expansion from existing customers and new customer conversions, as well as headwinds in areas [where] we have yet to see significant impact.”

US equity markets retreated, with the benchmark indices extending losses into a fourth straight session - Dow dropped -287-points or -0.86%, dipping into the red for the year. The broader S&P500 fell -0.72%, with Financials (down -1.29%), Communication Services (-1.26%), Energy (-1.11%) and Industrials (-1.09%) all falling over >1% to lead nine of the eleven primary sectors lower. Real Estate (up +0.92%) and Utilities (+0.73%) were the only primary sectors to advance overnight. The Nasdaq lost -0.49%. Qualcomm Inc shed -5.54% after the chipmaker’s fiscal third quarter outlook released after the close of the previous session fell short of Wall Street estimates. Advanced Micro Devices Inc rallied +6.11% following a Bloomberg report that indicated the chip maker was working with Microsoft Corp (+0.33%) as it expands into processors for artificial intelligence. The small capitalisation Russell 2000 lost -1.18%.

US equity markets settled lower after a volatile session as investors digested the latest interest rate decision and monetary policy pronouncements from the Federal Reserve - Dow fell -270-points or -0.80%, The broader S&P500 lost -0.70%, with Energy (down -1.92%), Financials (-1.27%) and Materials (-1.11%) all fell over >1% to lead all eleven primary sectors lower. The Nasdaq eased -0.45%. Advanced Micro Devices Inc dropped -9.22% The small capitalisation Russell 2000 rose +0.41%.

US equity markets declined under the weight of fresh falls for regional banks and the energy sector - Dow down -367-points or -1.08%, The broader S&P500 lost -1.16%, with Energy (down -4.28%) and Financials (-2.30%) leading ten of the eleven primary sectors lower. Consumer Discretionary (+0.16%) was the only primary sector to settle in positive territory. The technology-centric Nasdaq fell -1.09%. The small capitalisation Russell 2000 dropped -2.10%.

US equity markets slipped in muted trading, giving up modest early gains as investors pondered the news that JPMorgan Chase & Co (up +2.14%) had agreed to buy the bulk of embattled of Californian lender First Republic Bank - Dow eased -46-points or -0.14%, unwinding an earlier rally of as much as +160-points. The broader S&P500 dipped -0.04%, with Energy (down -1.26%) and Consumer Discretionary (-1.06%) leading seven of the eleven primary sectors lower. Healthcare (up +0.59%) and Industrials (+0.55%) were the leading primary sector performers overnight. The Nasdaq slipped -0.11% to 12,212.60, with Amazon.com Inc down -3.22% and extending its two day slide to over >7% since the release of the e-commerce and cloud-computing giant’s first quarter result. However, chipmaker Nvidia Corp gained +4.18%. The technology-centric index has been in a bear market for 138 trading days, and needed to close above >12,255.95 to exit bear-market territory, according to Dow Jones Market Data. The small capitalisation Russell 2000 eked out a +0.01% gain.

US equity markets advanced on Friday (28 April) despite another crushing session for First Republic Bank, with investors continuing to digest corporate earnings and the latest inflation reports - Dow rose +272-points or +0.80%, The broader S&P500 gained +0.83%, with Energy (up +1.47%), Financials (+1.19%), Real Estate (+1.15%), Materials (+1.13%) and Information Technology (+1.07%) rising over >1% to lead nine of the eleven primary sectors higher. Utilities (down -0.19%) and Consumer Discretionary (-0.04%) were the only primary sectors to settle in the red. Both the Dow and S&P500 logged their best single session advance since 6 January. The Nasdaq added +0.69% to settle at 12,226.58, logging its best single session gain since 16 March and marking the highest close for the technology-centric index since 12 September, 2022. Intel Corp rallied +4.02% as the once dominant chipmaker posted first quarter numbers after the closing bell of last Thursday’s (27 April) session that were a touch a head of consensus analyst forecasts. However, Amazon.com Inc fell -3.98% after the e-commerce and cloud-computing giant’s first quarter headline numbers released after the close of the previous session comfortably surpassed consensus estimates, but with analysts concerned about revenue growth in the Cloud unit. The small capitalisation Russell 2000 lost -0.49%.

Strong first quarter earnings from technology majors fuelled the best rally for US equity markets since January - Dow gained +524-points or +1.57%, The broader S&P500 rallied +1.96% to log its best single session gain since 6 January, with Communications Services (up +5.53%) the clear outperformer and underpinned by Meta Platforms Inc soaring +13.93% after Facebook’s parent company reported better-than-expected earnings per share (EPS) of US$2.20 for the first quarter after the close of the previous session and provided a revenue forecast that suggested reinvigorated sales growth. Consumer Discretionary (+2.77%), Real Estate (+2.43%) and Information Technology (+2.17%) all gained over >2% amid a broad-based rally that saw all eleven primary sectors advance. The Nasdaq jumped +2.43%, with Microsoft Corp up +3.20% and Alphabet Inc +3.75%. The small capitalisation Russell 2000 gained +1.20%.

US equity markets mixed as strong earnings from some technology heavyweights competed with persistent concerns around the banking sector - Dow fell -229-points or -0.68%, unwinding an earlier gain of over >100-points. Home Depot Inc (down -2.79%), Honeywell International (-2.58%) and Merck & Co Inc (-2.66%) all declined over >2.5%. The broader S&P500 eased -0.38%, with Utilities (down -2.37%) leading ten of the eleven primary sectors lower. Information Technology was the sole standout performer with a +1.78% gain. The Nasdaq rose +0.47%, paring an earlier rally of ~1.4%. Microsoft Corp rallied +7.24% after the software giant released first quarter earnings per share (EPS) and revenue after the close of the previous session that topped Wall Street’s estimates, underpinned by strong Cloud demand. The company ell narrowly short of topping its daily record for market-capitalisation gains, adding +US$148.34B in market cap overnight – just shy of the company’s record one-day market-cap haul of US$150.37B achieved 13 March, 2020. It also marked the seventh-largest daily increase in market value for a U.S. company, according to Dow Jones Market Data. Microsoft also shrugged off news that the U.K.’s Competition and Markets Authority would prohibit the company from merging with Activision Blizzard Inc (down -11.45%), a decision Microsoft plans to appeal. Google parent Alphabet Inc slipped -0.15% after trading in positive territory for most of the session despite the Google parent posting better-than-expected first quarter EPS after the close of the previous session. The small capitalisation Russell 2000 lost -0.89%.

US equity markets retreated amid a flood of corporate earnings releases and with investors eying results from some technology majors after the closing bell - Dow fell -344-points or -1.02%, The broader S&P500 lost -1.58%, with Materials (down -2.15%), Information Technology (-2.09%) and Consumer Discretionary (-2.05%) down over >2% and leading all eleven primary sectors lower. The Nasdaq dropped -1.98% to 11,799.16, marking the technology-centric indice’s lowest settlement since 28 March. The small capitalisation Russell 2000 slumped -2.40%.

US equity markets edged higher in what was another muted session to conclude the week as investors assessed mixed earnings from corporate America and political negotiations over the country’s debt ceiling - Dow added +22-points or +0.07%, The broader S&P500 edged +0.09% higher, with the Consumer Discretionary (up +1.20%) leading six of the eleven primary sectors higher. The Materials (down -0.90%) and Energy (-0.59%) sectors sat at the foot of the primary sector leaderboard on Friday (21 April). The Nasdaq +0.11%. Meta Platforms Inc dipped -0.08% after Chief Executive Officer (CEO) Mark Zuckerberg reportedly said the company may not be through laying off workers, as its latest round of 4,000 landed this week and another batch looms for Ma. The small capitalisation Russell 2000 +0.10%.

US equity markets retreated following some mixed corporate earnings releases - Dow fell -110-points or -0.33%. The broader S&P500 -0.60%, with Consumer Discretionary (down -1.48%), Real Estate (-1.19%) and Energy (-0.89%) lead ten of the eleven primary sectors lower. Consumer Staples (up +0.06%) was the only primary sector to eke out a gain. Tesla Inc dropped -9.75% as Chief Executive Officer (CEO) Elon Musk made clear he was willing to sacrifice margins in a push for market share in statements made following the release of the electric vehicle manufacturer’s first quarter result released after the close of the previous session. The Nasdaq lost -0.80%. Meta Platforms Inc fell -1.22% but still overtook Tesla Inc in market capitalisation terms for the first time since 20 December 2021. Meta is now the seventh largest public US company by market capitalisation at US$552.4B, pushing Tesla back to eighth spot (US$515.7B). The small capitalisation Russell 2000 lost -0.54%.